Cardin speaks up against breaks for oil companies

Cardin: Big 5 made $35 billion in 3 months

BALTIMORE - Higher gas prices mean cutting back for most of us. But it turns out, big oil companies are still banking big money with some tax breaks.

Now U.S. Senator, Ben Cardin wants to even the score. On Monday, Cardin held a press conference calling for the passage of legislation that would end $4 billion a year in subsidies and tax breaks for the five biggest oil companies.

According to Cardin, the big five oil companies -- Exxon Mobil, Shell, Chevron, BP and Conoco Phillips -- made nearly $1 trillion in profits in the last decade, more than $35 billion of that in the first three months of this year.

The legislation is named the 'Close Big Oil Tax Loophole Act.'
 

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